Money: This Toronto garage actually costs almost $600K - PressFrom - Canada

MoneyThis Toronto garage actually costs almost $600K

08:30  09 september  2019
08:30  09 september  2019 Source:

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This Toronto garage actually costs almost $600K© Haweya Fadal/CBC This garage in East York is up for sale for $599,000. If there was ever a perfect encapsulation of the state of Toronto's cutthroat housing market, it's this — a garage up for sale near The Danforth that's listed at $599,000.

The listing for the 20 foot by 100 foot lot calls it a "rare opportunity for someone looking to build in desirable Danforth Village" that's close to the subway line, schools, shops and restaurants.

Real estate broker Nima Khadem told CBC News it's a "really interesting" property.

"This one is a unique situation, and given the current fact that properties have gotten so expensive, it puts property like this in high demand — because people can buy this, put up a structure on it, and it can be a great condo alternative," he said.

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It justifies the expense by saying it is "a cost point that could easily be offset by replacing select print textbooks with electronic books and eliminating the requirement that students purchase a scientific calculator, resulting in a cost savings for families over their high school career."

The one-car garage, which was listed four days ago, was originally part of a larger lot but was severed off many years ago, Khadem said.

The house to which it was originally linked sold several years back, but the garage was kept in the original owner's name. Now, that the owner has died and their estate is selling the land, Khadem said.

After knocking down the garage and building on the site, he said, there would be room for a two-storey house with a finished basement that's anywhere from 1,500 to 2,000 square feet.

Khadem also said that $599,000 is "100 per cent" a reasonable price for the property.

"The reason being, you can't find land right now in Toronto," he said.

Steven Foster, who lives nearby, disagreed — at least about the price point.

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The $ 600 K condo in Toronto is something of a breakthrough point. 0,000 in Liberty Village For a little less than $ 600 K , you can buy a townhouse at the western end of Liberty Village. This section of the neighbourhood is actually a bit better in terms of traffic, but somewhat removed from all the action.

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"I think it's crazy but I'm not that surprised, because my expectations for housing prices are just through the roof," he said. "The thing that shocks me the most is how normal that seems to me now."

This Toronto garage actually costs almost $600K© CBC Steven Foster, who lives in the neighbourhood, said people in other Canadian cities would be 'shocked' by how much this property costs.

Marjolyn Vanderhart, who has lived in the neighbourhood for 20 years, also wasn't shocked.

"I'm not surprised. I'm sad, because it shouldn't be like that — makes it inaccessible for a lot of young people," she said. "This used to be a neighbourhood where first-time home buyers could buy in, and it's not that anymore."

According to the latest figures from the Toronto Real Estate Board, the average selling price for a home in Toronto was $792,611 last month, which is up by 3.6 per cent year-over-year.

The average price of a detached home in the City of Toronto was listed at $1,246,392, compared to $712,934 for townhouses and $619,307 for condos.

Setting price aside, the amount of space available here does work for some people. Balkar Jagpal lives just two houses down from the garage that's for sale on a lot that's the exact same size: 20 feet by 100 feet.

His property used to be a small bungalow, which was perfect for him and his wife, he said. Once they had kids, they started adding to the home by finishing the basement and building a second floor.

Now, his family has 2,100 square feet of space, Jagpal said.

"It's more than enough for our purposes," he said.

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Lawsuit filed against City of Edmonton over its use of calcium chloride.
The civil claim is the latest development in the controversy surrounding the city’s use of the anti-icing agent on Edmonton roads and comes as a city committee is slated to decide Wednesday whether crews should continue using the product. City administration has recommended calcium chloride continue to be used. READ MORE: City wants to keep using calcium chloride on Edmonton roads; chemical engineer disputes reports The lawsuit, filed by resident Glenn Krause, states concrete pads in Krause’s attached and detached garages were “damaged due to an accumulation of the calcium chloride” used by the city for snow and ice removal.

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